REACH (Telegram) 23 - What are your thoughts about the figures reported by MOM? What more can be done to ensure quality jobs for Singapore residents?
(SK)
18 Sep 2024 (10am - 7pm)
REACH (Telegram)
REACH Singapore, [18/9/2024 9:46 AM]
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REACH Singapore, [18/9/2024 10:01 AM]
📢 *Topic* 📢
On 17 Sept (Tuesday), the Ministry of Manpower (MOM) announced in its 2Q 2024 Labour Market Report that foreign-owned firms, who make up 20% of firms in Singapore, employ 60% of Singapore residents (Permanent Residents or Singapore Citizens) in high earning jobs, which are those who earn a gross monthly income of above $12,500 and fall into the top 10 per cent of income distribution. Overall, these firms provide jobs for nearly one-third of employed residents.
The move to release the numbers – a first for MOM – comes amid persistent anxieties from some quarters around job prospects for locals.
💬 What are your thoughts about the figures reported by MOM? What more can be done to ensure quality jobs for Singapore residents?
On the figures regarding foreign-owned firms, MOM said that they underscore the importance of attracting foreign investments and the global talent that follows such investments, in a way that complements local resident workforce growth and creates good jobs for Singaporeans.
It also added that foreign-owned firms create business for local small and medium-sized enterprises, which hire the majority of resident workers.
Other notable points mentioned in the report include:
📌 Job vacancies and unemployment rate
Job vacancies dipped slightly to 81, 200 in Q2 from 81,900 in Q1. However, due to a lower overall unemployment rate of 2% in Q2, the seasonally adjusted ratio of job vacancies to unemployed people increased from 1.56 in Q1 to 1.67 in Q2.
MOM said that more than one in five openings were in growth sectors like financial and professional services, which are associated with higher productivity and pay.
📌 Recruitment and resignation rates
The recruitment rate fell to 1.9% in the second quarter, down from 2.1% in the first quarter.
The resignation rate declined to 1.3 per cent in the second quarter, after holding steady at 1.4 per cent for four consecutive quarters.
MOM said: “The fall in recruitment and resignation rates is consistent with the longer-term downtrend, suggesting that employees are staying for a longer period of time in any particular job.”
It added that the recruitment rate in the quarter was higher than or comparable to pre-pandemic levels for some sectors, including transport equipment manufacturing – amid the global recovery in air travel demand – as well as health and social services.
📌 Retrenchments and re-entry rate of retrenched workers into the workforce
Retrenchments rose to 3,270 in the second quarter, from 3,030 in the first quarter, with increases observed in the sectors of financial and insurance services, as well as wholesale trade.
There was also a sizeable decline in the proportion of retrenched residents who found new jobs within six months. This re-entry rate fell to 55 per cent, from 59.4 per cent in the preceding quarter.
On the re-entry rate, Mr Ang Boon Heng, director of MOM’s manpower research and statistics department, said: “What it actually suggests is that more and more individuals are taking more time to seek out, to train for better jobs.”
In particular, Mr Ang noted that the re-entry rate improves significantly with time, to about 70 per cent at the 12-month mark.
👉🏻 https://str.sg/BNZt
👉🏻 https://www.channelnewsasia.com/singapore/mom-labour-market-employment-jobs-non-resident-4611556
👉🏻 https://www.mom.gov.sg/newsroom/press-releases/2024/0917-labour-market-in-2q-2024
----
Hanny, [18/9/2024 10:30 AM]
Interesting data. More important is what we are doing to help more Singaporeans to have those high paying jobs.
Hanny, [18/9/2024 10:31 AM]
It is also worth noting that these firms chose to stay in Singapore.
Hanny, [18/9/2024 10:49 AM]
Foreign owned firms only make up only 20% of firms in Singapore. Yet, they employ 60% of residents with high paying jobs. We should get more of these companies in Singapore.
It’s important that we know this statistics.
Adam, [18/9/2024 10:51 AM]
Key word is residents
Adam, [18/9/2024 10:53 AM]
If we import more residents along with importing more companies, singapore economy will📈📈📈
Hanny, [18/9/2024 10:57 AM]
These residents have no problem paying meals that cost more $10. That helps some shop owners.
REACH Singapore, [18/9/2024 11:00 AM]
[ Poll : I am confident that the Government is doing enough to ensure that Singaporeans have access to high-paying jobs. Please share the reason for your answer in the chats! ]
- Yes
- No
- Neutral
Adam, [18/9/2024 11:03 AM]
Gov is pushing singaporeans down. When i have to do reservist gor 3.5 weeks, how can i compete?
Adam, [18/9/2024 11:04 AM]
My foreign boss somewhat treat my leave as a holiday
Adam, [18/9/2024 11:04 AM]
"Hows your break?" I hear when i return to office
Adam, [18/9/2024 11:05 AM]
At least when im sick boss ask am i ok
Adam, [18/9/2024 11:07 AM]
Idk how they are gonna calculate my bonus when its 11 months of work compared to someone who was there the whole time. Had to pass some opportunities too
LCL (Danny 心), [18/9/2024 11:52 AM]
1. For high paying jobs like > $10,000 a month, usually will be a manager, or a professional with minimum 10 years experience (except for few exceptions).
2. In my close circle, all are gainfully employed.
So indeed the rosy posture of good jobs are in synch.
3. Previously my boss will not say how is your break when I came back from reservist.
If my boss do say, I will tell him "oh I sweat to protect the country so that business can do well and the residents are safe and feel well protected".
LCL (Danny 心), [18/9/2024 11:55 AM]
If my company come from EU, I will say, because we have reservists, well trained, well prepared, our country is safe.
Else 100,000 soldiers cross the border and EU in trouble.
EU decades of peace shattered because peace is taken for granted.
LCL (Danny 心), [18/9/2024 11:56 AM]
https://archive.ph/2024.09.08-062517/https://medium.com/@geofor/we-have-three-years-to-prepare-for-war-4565da9d5297
UK - we have to prepare to fight ww3 in 3 years times.
LCL (Danny 心), [18/9/2024 12:02 PM]
The reasonable expectation of a high paying jobs for fresh graduates are about $4,600.
By 3 years working experience reaching a median salary of about $5,000 to $6,600 is reasonable.
By 10 years times, $10,000 and above are within grasp.
LCL (Danny 心), [18/9/2024 12:13 PM]
"Russia boosting army size due to Western 'threats': Kremlin" to 1.5 million soldiers.
This makes Russia the 2nd largest in the world after China.
Russia 1.5 million active soldiers match NATO troop size of 1.5 million minus US troops.
https://www.channelnewsasia.com/world/russia-boost-army-size-15-million-threats-kremlin-4613246#:~:text=Russia%20boosting%20army%20size%20due%20to%20%27threats%27%3A%20Kremlin
xXx.SCAR.xXx, [18/9/2024 12:18 PM]
That is mighty big talk for a country whose economy is smaller than Texas.
LCL (Danny 心), [18/9/2024 12:20 PM]
Well politicians behave differently.
Their cheap but large quantity easy to make weapons can cause alot of damage.
Now US and NATO unable to ramp up production of sophisticated weapons for Ukraine - run out of ammunition.
Whereas Russia can churn out easy to make ammo faster than the western countries as a whole.
xXx.SCAR.xXx, [18/9/2024 12:25 PM]
The western world doesn't want Russia to win, nor Ukraine to lose. They just want a weak Russian state from where they can extract / exploit cheap natural resources.
LCL (Danny 心), [18/9/2024 12:29 PM]
The coming decades is not a peaceful World.
We need to be prepared.
1. Continue to do well economically as the geopolitical tensions worsen.
Find niches to safeguard our economic growth and prosperity as the global supply chain get decoupled.
2. Prepare ourselves well by training well and invest in our military - to ensure we have strong deterrence and no one will think of adventurism on our land.
3. Hope for the best - that WW3 won't break out.
REACH Singapore, [18/9/2024 12:49 PM]
Greetings from REACH
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Megan 😊
LCL (Danny 心), [18/9/2024 12:57 PM]
I feel that MOM and Trade Ministry have done a good job in creating employment and make our economy and business vibrant despite very challenging external environment.
REACH Singapore, [18/9/2024 12:59 PM]
[ Poll : I am confident that the Government is doing enough to ensure that Singaporeans have access to high-paying jobs. Please share the reason for your answer in the chats! ]
- Yes
- No
- Neutral
REACH Singapore, [18/9/2024 1:00 PM]
Dear Contributors,
Please take a moment to participate in our polls and share your opinion. The poll questions are pinned for easy reference, and your vote is anonymous.
We look forward to hearing your thoughts on today’s topic!
Thank you.
Megan 😊
LCL (Danny 心), [18/9/2024 1:10 PM]
OCBC to house up to 4,000 employees in Punggol Digital District as part of $500m investment | The Straits Times
https://www.straitstimes.com/singapore/ocbc-to-house-up-to-4000-employees-in-punggol-digital-district-as-part-of-500m-investment
LCL (Danny 心), [18/9/2024 1:13 PM]
2 big local banks OCBC and UOB to build new banking centres and tie up with SIT to do innovation and r&d.
Scholarship bond free offer to SIT graduates.
More recognition to SIT graduates, expect better salaries for SIT graduates.
LCL (Danny 心), [18/9/2024 1:19 PM]
Singapore will continue to welcome ‘legitimate wealth and 'genuine investments' among others: Chee Hong Tat
https://www.theedgesingapore.com/news/wealth/singapore-will-continue-welcome-legitimate-wealth-and-genuine-investments-among-others
Hanny, [18/9/2024 1:20 PM]
Some jobs will inevitably move to lower cost countries like Malaysia. Even our local company will do so.
The point is to enable ourselves to be able to pick up the high paying jobs.
LCL (Danny 心), [18/9/2024 1:21 PM]
Ramping up our skillsets become important.
Malaysia is competing with us in investment in data center and semicon - our traditional stronghold high paying jobs.
LCL (Danny 心), [18/9/2024 1:23 PM]
"Malaysia boasts chip clout as Infineon opens $10 billion factory".
https://www.straitstimes.com/business/malaysia-boasts-of-chip-clout-as-infineon-opens-10-billion-factory#:~:text=Malaysia%20boasts%20chip%20clout%20as%20Infineon%20opens%20%2410%20billion%20factory
LCL (Danny 心), [18/9/2024 1:23 PM]
"How Southeast Asia Became Pivotal to the AI Revolution" - Malaysia.
https://time.com/7015000/ai-semiconductor-chips-malaysia-anwar/#:~:text=How%20Southeast%20Asia%20Became%20Pivotal%20to%20the%20AI%20Revolution
LCL (Danny 心), [18/9/2024 1:25 PM]
"Infineon opens largest power semiconductor plant in Malaysia.
Southeast Asian nation receives record chip, data center investments".
https://asia.nikkei.com/Business/Tech/Semiconductors/Infineon-opens-largest-power-semiconductor-plant-in-Malaysia#:~:text=Infineon%20opens%20largest,data%20center%20investments
LCL (Danny 心), [18/9/2024 1:26 PM]
https://www.datacenterdynamics.com/en/news/keppel-corp-acquires-data-center-in-malaysia-owned-by-its-subsidiaries/
Keppel Corp acquires data center in Malaysia owned by its subsidiaries.
LCL (Danny 心), [18/9/2024 1:41 PM]
"What Penang is doing to reclaim its title as the Silicon Valley of the East.
Penang has already attracted billions in investment from tech giants like Intel, Infineon, Lam Research and Texas Instruments."
https://www.channelnewsasia.com/asia/penang-semiconductor-industry-ambitions-investment-intel-4608556#:~:text=What%20Penang%20is,and%20Texas%20Instruments.
Ginie/Komal ZENDORA J, [18/9/2024 1:49 PM]
Language learning should be fun. Should not be all books. Should play out, like real life. Canteen senerio. Menu in mandarin, malay,tamil, hindi. u talk order food. Or playground, mama shop, toy, clothes shop. Different surroundings.
Ginie/Komal ZENDORA J, [18/9/2024 1:52 PM]
If u want to sit on the slide, u have to be able to say it in yr MT, or cannot sit.
REACH Singapore, [18/9/2024 2:00 PM]
📢 *Topic* 📢
LCL (Danny 心), [18/9/2024 2:59 PM]
"Singapore is the only Southeast Asian city on a ranking of centi-millionaires—and that could be good for its economy
BYLIONEL LIM
September 18, 2024 at 1:19 AM GMT+8
"
https://fortune.com/asia/2024/09/17/singapore-centi-millionaires-list-henley-partners/#:~:text=Singapore%20is%20the,AM%20GMT%2B8
REACH Singapore, [18/9/2024 3:12 PM]
[ Poll : I am confident that the Government is doing enough to ensure that Singaporeans have access to high-paying jobs. Please share the reason for your answer in the chats! ]
- Yes
- No
- Neutral
REACH Singapore, [18/9/2024 3:18 PM]
Dear Contributors,
We want to HEAR MORE from you!
💬 What are your thoughts about the figures reported by MOM? What more can be done to ensure quality jobs for Singapore residents?
We have had good feedback from this group, and we hope that we can keep the discussion robust and active!
Do also share your opinion by participating in our polls! The poll questions are pinned for easy reference, and your vote is anonymous.
Thank you!
Megan 😊
Jun Ming, [18/9/2024 3:18 PM]
The thing is higher salary means higher cost of living which led to low demand in Singapore products?
Jun Ming, [18/9/2024 3:19 PM]
But I want higher salary with lower price
LCL (Danny 心), [18/9/2024 3:22 PM]
In economic principle, this won't happen.
If we are looking at developed countries, eg. US, EU, Japan, Skorea etc that are highly developed, high salary come with high cost of living.
Because of salary induced cost.
LCL (Danny 心), [18/9/2024 3:24 PM]
When cost of production rises (where salary is one of the factor of production), price of products and services rises to ensure business can earn a profit and not make loss.
LCL (Danny 心), [18/9/2024 3:28 PM]
The only way to keep standard of living up, with higher salary and ensure can buy more goods and services is to improve productivity.
Jun Ming, [18/9/2024 3:37 PM]
But looking at bigger picture people will import more from overseas rather than use local products
Jun Ming, [18/9/2024 3:37 PM]
Which led to lower demand therefore companies may not sustain
Jun Ming, [18/9/2024 3:38 PM]
As the cost of living is so high that people seek for the lowest price
Jun Ming, [18/9/2024 3:40 PM]
Is this able to sustain for long period of time?
Jun Ming, [18/9/2024 3:43 PM]
Cause now adays I started buying things in bulk from taobao where it's just so much cheaper
LCL (Danny 心), [18/9/2024 3:43 PM]
Eg. Of higher productivity:-
1. Previously, 10 truck drivers are needed to transport port containers to the warehouse.
Assume 1 driver salary is $3,000 a month, 10 drivers are $30,000 per month cost to the company.
But if increase productivity, using autonomous trucks are used, control remotely by one trained operator, company can pay him $6,000 (double the salary).
Still company save $30,000 - $6,000 = $24,000.
Jun Ming, [18/9/2024 3:44 PM]
Which also means less people get employed
Jun Ming, [18/9/2024 3:44 PM]
And more people lose job
Jun Ming, [18/9/2024 3:44 PM]
?
LCL (Danny 心), [18/9/2024 3:46 PM]
Which means more higher value added companies come in, provide more such high value added jobs.
Then we have full employment for Singaporeans.
Jun Ming, [18/9/2024 3:46 PM]
But for people without high value skills?
Jun Ming, [18/9/2024 3:48 PM]
Those in poverty? Those elderly that do not have high education?
LCL (Danny 心), [18/9/2024 3:48 PM]
That's why must go up skill and train.
No shortcut.
Jun Ming, [18/9/2024 3:48 PM]
Like my mother only primary school education
LCL (Danny 心), [18/9/2024 3:48 PM]
Poverty with determination and government help can improve.
LCL (Danny 心), [18/9/2024 3:49 PM]
This one no choice, do what is available.
Jun Ming, [18/9/2024 3:49 PM]
The point is education must be faster than development thou
Jun Ming, [18/9/2024 3:50 PM]
Imagine those that work 3 work and to feed children where got time and brain to upskill?
Jun Ming, [18/9/2024 3:51 PM]
Overall it's a good thing but remember the least privileged
Jun Ming, [18/9/2024 3:51 PM]
The worse condition
Jun Ming, [18/9/2024 3:51 PM]
And middle class struggling
Hanny, [18/9/2024 3:55 PM]
We need to remember that (net net) only 30% of the population gives money to gov. These are the people with good paying jobs.
Hanny, [18/9/2024 3:56 PM]
And Singapore is a socialist country with managed economies.
REACH Singapore, [18/9/2024 4:00 PM]
📢 *Topic* 📢
LCL (Danny 心), [18/9/2024 4:31 PM]
For those with lower income, there are the PWM (Progressive Wage Model) - a scheme that are designed for blue collar jobs to upskill and get higher wages up the progressive ladder.
For the upper tier, it is more knowledge base and upskill are through higher education and knowledge base training courses.
For lower tier, similarly there are those skill based jobs that can fetch higher salaries through PWM.
LCL (Danny 心), [18/9/2024 4:40 PM]
Middle level tier also belong to the knowledge base tier and still can upgrade through formal education and training courses.
Upskill and skill training is a life long process.
Especially now and future whereby AI will hasten the speed of business transformation and skill obsolescence.
Previously, almost every year, new technologies come out and as a professional, we need to relearn and upgrade our knowledge.
Now with AI, the transformation is even faster.
Eg. Previously, we are trained in mainframe, then client-server computing come on board.
Then network come on board.
Network with protocols such as ipx, banyan vines are them replace by tcp/ip.
Then traditional server and system integration is overtaken by virtualization.
Follow by cloud computing.
See even last time, IT skillsets need to constantly catchup.
We have to take new IT courses almost every year and get new certification.
Now with AI, I won't be surprised professionals need to get themselves upskill almost 6 months if lucky and 3 months if unlucky.
Training and upskill are constant.
If our workers are unable to upskill themselves constantly, high value added jobs with high salary - will be out of reach for us and we can't compete with the world for high value added investment that requires up to date skillsets.
Hanny, [18/9/2024 4:43 PM]
Even pmet needs to constantly upgrade their skills. Technology makes it necessary for us to upgrade.
LCL (Danny 心), [18/9/2024 4:44 PM]
Yes no choice.
It is an imperative commitment the moment we enter into a job market.
Hanny, [18/9/2024 4:44 PM]
The good thing is gov is able to subsidize those at the lower end because we have sufficient number of people contributing at the upper end.
LCL (Danny 心), [18/9/2024 4:45 PM]
Agree.
But also must help the lower tier to upskill so that they can be self sufficient in addition to tax transfer.
They can also live with dignity if they are self sustainable with their own efforts.
Hanny, [18/9/2024 4:46 PM]
@DannyCIN you seem to know IT from the yesteryears. Not many people knows ipx.
LCL (Danny 心), [18/9/2024 4:47 PM]
Hahaha...
Ipx/spx is my first brush with network.
And banyan vines.
LCL (Danny 心), [18/9/2024 4:48 PM]
And then ATM network that eventually die by its own weigh.
Those Les/bus, lecs, ATM cell, mpoa.
Hanny, [18/9/2024 4:49 PM]
I worked with Novell network before. That shows our age.
LCL (Danny 心), [18/9/2024 4:50 PM]
Hahaha...
I think we belong to the same generation.
REACH Singapore, [18/9/2024 5:00 PM]
[ Poll : I am confident that the Government is doing enough to ensure that Singaporeans have access to high-paying jobs. Please share the reason for your answer in the chats! ]
- Yes
- No
- Neutral
xXx.SCAR.xXx, [18/9/2024 5:04 PM]
At least you guys worked in aircon environment :) I was out around the island in installing Callzone base stations (mostly at kopitiam) and testing for coverage.
LCL (Danny 心), [18/9/2024 5:06 PM]
Oh you from the Telco side doing 4G/5G wireless base station.
Well I also got project that are outdoor installing access point for wireless lan.
Got brush with DWDM, sdh/sonet, submarine cable to landing station and fiber to the home.
The next generation broadband stuff.
Hanny, [18/9/2024 5:06 PM]
Novell is a company just like Nokia. Both failed to maintain their leadership in their industry. Novell certificate used to be very coveted. Now it’s worthless.
LCL (Danny 心), [18/9/2024 5:07 PM]
Also MPLS VPN - those Cisco routers to remote sites.
And ATM network.
LCL (Danny 心), [18/9/2024 5:09 PM]
Novell lan is a lan based network.
Cannot scale into wan - because of broadcast and not a routing protocols.
It integrate closely with its NDS directory.
TCP/IP are international standards that can scale in lan and wan - as it not only can do bridging, switching, it can also do routing and tunneling.
Even Telco routing protocols like those Cisco MPLS VPN routers run on TCP IP.
xXx.SCAR.xXx, [18/9/2024 5:16 PM]
Ya, I used to be in telecoms, then moved to aviation digital comms-nav equipment. Strangely, now doing AI but for human comms and Public Relations stuff. Still comms but different.
LCL (Danny 心), [18/9/2024 5:18 PM]
For Novell lan to route to WAN to another organisation network - need to encapsulate IP header into IPX or ride IP on top of IPX before the router can route over Telco routers to the other organizations.
Hence Novell lan cannot last & die because of this limitation.
TCP IP come in and take over with LDAP.
LCL (Danny 心), [18/9/2024 5:18 PM]
Good.
This is upskilling.
I out of touch already in AI.
LCL (Danny 心), [18/9/2024 5:20 PM]
Now my son continue my IT journey with AI and other high tech stuff that are out of my reach.
xXx.SCAR.xXx, [18/9/2024 5:22 PM]
Working with tensors & NN is actually much easier than dealing with Maxwell equations across different systems, waveguides & terminators.
xXx.SCAR.xXx, [18/9/2024 5:22 PM]
And polar charts, lolz
LCL (Danny 心), [18/9/2024 5:22 PM]
Hahaha I don't know these technology.
REACH Singapore, [18/9/2024 6:00 PM]
📢 Topic 📢
LCL (Danny 心), [18/9/2024 6:09 PM]
Sounds like a maritime technology and satellite technology to assist in maritime navigation.
Good job.
As Singapore is a global hub port.
Niche technologies - should come with good pay.
REACH Singapore, [18/9/2024 6:46 PM]
Dear Contributors,
⏰ We will be closing the chat in 15 minutes ⏰
Thank you very much for being part of our Telegram chat and participating actively.
Goodnight!
Megan 😊
REACH Singapore, [18/9/2024 7:00 PM]
Dear Contributors
We will be closing the chat for today.
Thank you very much for being part of our Telegram chat and participating actively.
Goodnight!
Megan 😊
====
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